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Investors embrace long-tenors, oversubscribe April bonds by N115.66bn

The Federal Government’s bonds for April worth N150 which were auctioned on Wednesday were oversubscribed by N115.66bn, the Debt Management Office has said.

 The total subscription received from the investors for the bonds was N265.66bn, with the shortest tenor undersubscribed.

 Subscription of N34.69bn was received for 16.28884 per cent FGN April 2027 bonds; N56.13bn for 12.5 per cent FGN March 2035 bond; and N174.86bn for 9.8 per cent FGN July 2045 bond which recorded the highest subscription. 

The auction result added that out of 50, 75 and 184 bids for the tenures, 23, 43 and 91 were successful.

 It stated that a total of N157.952bn was allotted comprising of N22.97bn, N38.78bn and N96.202bn.

 The DMO stated, “Successful bids for the 16.2884 per cent FGN March 2027, 12.5 per cent FGN March 2035 & 9.8 per cent FGN July 2045 were allotted at the marginal rates of 12.25 per cent, 13.34 per cent and 13.85 per cent, respectively.

 “However, the original coupon rates of 16.2884 per cent for the 16.2884 per cent FGN March 2027, 12.5 per cent for the 12.5 per cent FGN March 2035 and 9.8 per cent for the 9.8 per cent FGN July 2045 will be maintained.”  

The DMO had earlier disclosed that the Federal Government would offer N150bn bonds for subscription, comprising of three bonds worth N50bn each.

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